Former South Korean president Park Geun-hye arrives for her trial at the Seoul Central District Court on August 25, 2017. She was sentenced to 24 years in prison on corruption charges on April 6, 2018. Kim Hong-ji / pool photo via AP
Former South Korean president Park Geun-hye arrives for her trial at the Seoul Central District Court on August 25, 2017. She was sentenced to 24 years in prison on corruption charges on April 6, 2018. Kim Hong-ji / pool photo via AP
Former South Korean president Park Geun-hye arrives for her trial at the Seoul Central District Court on August 25, 2017. She was sentenced to 24 years in prison on corruption charges on April 6, 2018. Kim Hong-ji / pool photo via AP
Former South Korean president Park Geun-hye arrives for her trial at the Seoul Central District Court on August 25, 2017. She was sentenced to 24 years in prison on corruption charges on April 6, 2018

Former South Korean president found guilty of abusing of power


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South Korea's disgraced former president Park Geun-hye was jailed for 24 years on Friday for corruption, closing out a dramatic fall from grace for the country's first woman leader who became a figure of public fury and ridicule.

The sentence followed a trial lasting more than 10 months which ended with Park being found guilty on multiple criminal charges, including bribery and abuse of power.

"The amount of bribery the accused received or demanded in collaboration with Choi amounts to more than 23 billion won [Dh79 million]," Judge Kim Se-Yoon said, referring to Park's secret confidante and long-time friend Choi Soon-sil.

"I sentence the accused to 24 years in prison and 18 billion won in fines."

Park, 66, had boycotted most of the trial in protest at being held in custody. She was not present in court for Friday's judgment which, in a rare move, was broadcast live on television.

The daughter of assassinated dictator Park Chung-hee, Park took office in 2013 as a conservative icon who cast herself in the role of daughter of the nation - incorruptible and beholden to none.

Less than four years later, she was impeached, stripped of all her powers and ousted from office on the back of months-long mass protests that brought millions on to the streets of Seoul and other cities.

The trigger was a snowballing graft scandal involving Park and Choi and accusations of graft, influence-peddling and taking bribes from corporate bigwigs in exchange for policy favours.

Much of the public anger was focused on Park's relationship with Choi and accusations that she let her childhood friend - who held no formal position or security clearance - meddle in state affairs, including high-level appointments and editing official speeches.

Choi is the daughter of a shadowy religious figure who had served as a mentor to Park for decades until his death in 1994. She was tried separately and sentenced in February to 20 years in prison.

Condemned in the media for her "Rasputin-like" influence over Park, Choi was convicted of using her presidential ties to squeeze tens of millions of dollars out of major South Korean businesses, including Samsung - the world's top smartphone maker - and retail giant Lotte.

The scandal reignited public criticism in South Korea of the cosy and often corrupt ties between top officials and the powerful, family-run conglomerates - called "chaebol" - that dominate the world's 11th-largest economy.

Park becomes the third former South Korean leader to be convicted on criminal charges after leaving office, joining Chun Doo-whan and Roh Tae-woo, who were both found guilty of treason and corruption in the 1990s.

Park's presidential predecessor Lee Myung-bak is currently in custody as prosecutors investigate multiple corruption charges involving him and his relatives.

Supporters of Park Geun-hye protest outside the Seoul Central District Court on April 6, 2018 as the former South Korean president was found guilty of crimes ranging from coercion to abuse of power and the leaking of state secrets. SeongJoon Cho / Bloomberg
Supporters of Park Geun-hye protest outside the Seoul Central District Court on April 6, 2018 as the former South Korean president was found guilty of crimes ranging from coercion to abuse of power and the leaking of state secrets. SeongJoon Cho / Bloomberg

Chun and Roh received presidential pardons after each spent around two years in jail - a privilege that may elude Park for many years, said Jeong Han-wool, an analyst at the Seoul Hankook Research think-tank.

"Park has denied all charges against her and expressed no remorse or atonement - legally as well as politically - for what's probably the most shocking political scandal in our modern history," Mr Jeong said.

"Given her attitude and public anger over her scandal that remains raw, it will be difficult to create a political environment in favour of her release anytime soon."

Park's left-leaning successor, Moon Jae-in, came to power largely because of the public backlash against her and her conservative party, dimming hopes for a pardon under the current administration, he said.

There is some residual sympathy for Park among her core supporters, who have always seen her as a heroically tragic figure who lost both her parents to assassins and devoted her life to the service of her country.

The fact that she never married or had children was part of her appeal, given the nepotistic tendencies of many senior officials.

"I'm married to the Republic of Korea. I have no children. South Koreans are my family," she once declared.

But for the vast majority of Koreans, she has now been permanently disowned, and will go down in history not as the country's first woman president but the first democratically elected leader to be forced from office.

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure' ​​​​
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse

UAE currency: the story behind the money in your pockets
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.